Roundtrip just raised a $5.1M Series A to double in size - Technical.ly Philly

Business

May 1, 2019 9:00 am

Roundtrip just raised a $5.1M Series A to double in size

The round into the medical transportation company was led by Alexandria, Va.-based Motley Fool Ventures with participation from an unnamed, Boston-based healthcare software company and existing backers.
Part of the Roundtrip team.

Part of the Roundtrip team.

(Courtesy photo)

Correction: Roundtrip is based in Old City, not Center City. (5/1/19, 9:42 a.m.)

Old City’s Roundtrip, makers of an on-demand transportation platform for the healthcare space, announced Wednesday it closed a $5.14 million Series A.

The company aims to double its staff of 26, currently split between Philadelphia and Richmond, Va., with the money. The funding will also let the company enhance its software capabilities.

Founded in 2016, Roundtrip makes a digital platform that connects patients, care managers and relatives or friends with a way to book and pay for non-emergency medical transportation options. Think rideshare trips, but also facility-owned vehicles, volunteer drivers, wheelchair vans and other specialty vehicles.

Alexandria, Va.-based Motley Fool Ventures led the company’s round with “major participation from a multi-billion dollar international healthcare software and medical device company” based in Boston.

Ben Franklin Technology Partners of Southeastern Pennsylvania and Johns Hopkins University, investors in Roundtrip’s $1.9 million seed round closed last year, also joined the round.

Roundtrip CEO and Founder Mark Switaj said partnering with Motley Fool Ventures offered the company “an expansive base in healthcare” and expertise in scaling marketplace models.

“The riders’ unique needs and medical transportation providers’ capabilities have been siloed and misrepresented, resulting in upwards of 30% missed medical appointments in the U.S. alone,” Switaj said.

Through the company’s platform, the founder said, it’s possible to unify data from patient’s medical record and healthcare provider, medical transportation options and rideshare companies, and the appropriate payer, like any billable insurance.

“It was clear to us early on that Roundtrip would be a perfect fit for our current investment thesis,” said Motley Fool Ventures’ SVP of business development, John Keeling. “The company’s initial traction, continuously expanding market, and the variety of expertise in Roundtrip’s management team were the key factors in our decision to lead their Series A.”

Companies: Roundtrip
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

3 words that describe these startup founders’ experiences raising VC

Take a look inside Offsite, the Fitler Club’s new luxury coworking space

Philadelphia is having its best year for VC deals since 2000

SPONSORED

Philly

How ShopRunner’s mentorship program is pushing its employees to think beyond their fields

Philadelphia, PA

Vistar Media

QA Engineer

Apply Now

Philadelphia, PA - Center City

Odessa

Business Architect

Apply Now

Horsham, PA

Penn Mutual

Agile Coach

Apply Now

Nonprofits, need an app? MilkCrate is building 3 for free, thanks to this partnership

Money Moves: These 5 Philly-area companies just raised millions in VC funding

Power Moves: Benefits Data Trust found its next CEO in a former Obama staffer

SPONSORED

Philly

How Relay is helping enterprise clients get proactive about customer engagement

Philadelphia

Inspire

Manager, People Operations

Apply Now

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Blue Bell, PA

Pinnacle 21

Senior Software Engineers

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!